The Center for International Finance: The Cook Islands
Posted by Capital Security Bank Cook Islands Ltd on October 4th, 2022
The Cook Islands are a country located in the center of the South Pacific. The Cook Islands are an autonomous country in free association with New Zealand; therefore, everyone who lives there is a citizen of New Zealand. They are located south of Hawaii and are in the same time zone.
The Center for International Finance
The International Companies Act 1981–82 and the International Trusts Act (1984) helped the Cook Islands establish itself as a major hub for international finance in the early 1980s. Since then, the Cook Islands have established a solid framework for Cook Island Asset Protection through revisions to previous acts and the adoption of new legislation. Its emphasis on wealth protection has grown as a result of society's need and right to have wealth secured from those who want to seize it through coercion, legal action, or legislation, whether through unlawful, unethical, or immoral means.
The Cook Islands are a democracy in the Westminster tradition, with an elected government. Queen Elizabeth II is the Head of State and is locally represented by the Queen's Representative. Like in other Commonwealth countries, the legal system is founded on British Common Law. The Privy Council in London serves as the final appellate court, and it has an independent judiciary with a High Court and Court of Appeal situated in Rarotonga.
Overall, the Cook Islands have effective public systems and a high level of governance. The New Zealand Dollar is the national currency, and English is the official language. There are frequent direct flights from here to places including Los Angeles, Sydney, Auckland, and Papeete.
Commission for Financial Supervision
The Financial Supervisory Commission (FSC) of the government licenses and regulates domestic and foreign cook islands offshore including banks, insurance companies, captive insurance companies, trustee firms, and money-changing and remittance organizations. The Financial Investigations Unit, which oversees the duties of combating money laundering and terrorism financing, provides support for it. The Financial Action Task Force's most recent assessment of the Cook Islands, completed in September 2018, stated that the country has "developed a well-functioning framework" and was in compliance with all of the Effectiveness and Technical Compliance Ratings criteria.
The Cook Islands' banks
Currently, four banks have been granted banking licenses. There are two different kinds of banking licenses: domestic, for those who live nearby, and international, for those who don't dwell in the Cook Islands and want to open a Cook Islands Bank Account.
The Banking Act of 2011's requirements as well as the FSC's prudential standards duties must be met by banks. The sole Mutual Funds Security Bank using its international license to offer banking services to non-resident clients is Capital Security Bank (CSB). For more details, please visit Capitalsecuritybank.com.
Like it? Share it!
About the AuthorCapital Security Bank Cook Islands Ltd
Joined: July 25th, 2022
Articles Posted: 7
More by this author